Fed survey shows U.S. recession may be over

Hey guys, saw this report on a recent survey on the Business Report's "Daily Report" and thought I'd pass it along:

Economic activity is stabilizing or improving in the vast majority of the country, according to a government survey released today. The findings indicate that the worst recession since the 1930s may be over. The Federal Reserve's snapshot of economic conditions backs predictions by Fed Chairman Ben Bernanke and most other analysts that the economy has started to grow once again in the current quarter. In the new survey, all but one of the Fed's 12 regions indicated that economic activity was "stable," showed "signs of stabilization" or had "firmed." The one exception was the St. Louis region, which continued to report that the pace of decline in economic activity appeared to be "moderating." Looking ahead, businesses in most Fed regions said they were "cautiously positive" about the economic outlook.

The assessments of businesses on the front lines of the economy were brighter than those they provided for the previous Fed report in late July. At that time, most regions said the recession was easing its grip and some reported signs that activity was leveling off.

In today's survey, the Dallas region indicated that economic activity had "firmed." The Fed regions of Boston, Cleveland, Philadelphia, Richmond and San Francisco mentioned "signs of improvement." The Atlanta, Chicago, Kansas City, Minneapolis and New York regions described activity as "stable or showing signs of stabilization."

Analysts predict the economy is growing in the current July-September quarter at anywhere between 3% and 4%.